Rough week for Illinois businesses as more tariffs loom
A workweek shortened by the July Fourth holiday may seem much longer to Illinois manufacturers and farmers, as products ranging from ketchup to soybeans are hit by tariffs.
On Sunday, Canada began imposing tariffs on about $12.6 billion of U.S. goods. On Thursday, Mexico is expected to increase its tariffs on U.S. pork. And on Friday, the Trump administration is set to impose tariffs on $34 billion of Chinese imports, and the Chinese government has said it will respond in kind.
In 2016, Illinois exports to Canada, Mexico and China, the state’s top three trading partners, totaled more than $30 billion.
The Trump administration earlier this year imposed 20 to 50 percent tariffs on washing machines from China, South Korea and Mexico, and a 30 percent tariff on solar panels from countries that included China.
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